Aviva i-Life Term Plan

Objective

This is a pure term plan that can only be bought online. This makes its premiums lower than other term plans from the same insurer.

What does it do?

The policy pays only death benefit to the nominees and there is no surrender or maturity value. There are no rider options available with this policy, making it only a life cover insurance plan.

Pros

Premiums costs are low.
The policy allows policyholders to change premium payment frequency from half-yearly to yearly and vice-versa, on payment of a fee. It also offers premium rebates on high value covers.
The premium for women is lower than that for men.
Premiums paid towards this policy qualify for tax deduction.

Cons

The minimum sum assured available under this plan is Rs 25 lakh.
The policy does not have any rider options.

Suited for

This policy can be taken by those with access to internet. It’s a low cost policy with high value cover.  

Our View

A pure risk term plan is suitable for all ages, especially for those looking for a high value insurance cover without going through intermediaries.